Crowdfunding Opportunities Multiply for Savvy Entrepreneurs

By Dave Crain, Director of Entrepreneurial Services, MAGNET
Mycestro™

Mycestro™ is a 3D mouse that fits on the index finger and allows you to control your computer with hand gestures and mouse functions.

A year or so ago, I met Nick Mastandrea, who had invented a “wearable, wireless, 3D mouse“.  Even though I’m sure he cringed whenever I said it, I called it the finger mouse.

Allowing for control of computer software and hardware from up to 30 feet away, the product seemed to be an obvious solution for any number of problems.  It also allowed for some very interesting future technical scenarios, from controlling aircraft with a glove to “Minority Report”-style information control.

Nick, like many entrepreneurs, had trouble lining up sufficient capital to move forward into early commercial production. While there are a number of early-stage loan and grant programs around the region, sadly there simply isn’t enough money to fund everyone.

With the recent passage of the Jumpstart America bill however, these are interesting times and a number of crowdfunding sites have sprung up around the Internet.

In a display of just how effective such sites can be for early stage entrepreneurs, Nick’s Kickstarter campaign still has about a month to go (at the time of writing), and is overfunded almost 150%!

Kickstarter is only one of the popular crowdfunding sites around these days with Indiegogo, Rockethub, Gofundme, and Crowdrise among the many sites available to entrepreneur’s these days.  Each site has its own particular plusses and minuses, but one thing I like in general is that they aren’t just limited to technology startups.  In fact, the Oscars of last weekend saw a Kickstarter-funded film take home an Oscar!

So if you’re having trouble getting your funding together and haven’t considered venturing online to crowdfund it, maybe it’s time to reconsider.

Dave Crain

Dave Crain, Director of Entrepreneurial Services, The Incubator at MAGNET

What do you think about crowdfunding? Want to get some advice on taking your innovative idea to the next step? Drop me a line and I’ll be happy to talk with you about the many services and facilities available to entrepreneurs at The Incubator at MAGNET.

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